Le droit préférentiel de souscription est un droit individuel de l'actionnaire dont le régime d'exercice a été souligné par une actualité récente. Ce droit a été évoqué à propos des actions de préférence, des abus de majorité et des avantages particuliers. Il est expressément consacré par la loi. La comparaison du droit préférentiel de souscription dans les systèmes juridiques libanais et français a dévoilé la parenté d'origine des deux systèmes, ainsi que des failles dans le premier. Des projets de réformes sont proposés pour placer les sociétés libanaises à égalité avec leurs concurrentes étrangères qui bénéficient d'un règlement mieux adaptées à leurs exigences. Le droit préférentiel de souscription n'est pas reconnu comme un droit intangible. Notre thèse démontre, d'une part, que ce droit constitue la meilleure protection pour les actionnaires. D'autre part, elle montre que la suppression du droit préférentiel de souscription ne peut intervenir que sous la double condition d'une information suffisante des actionnaires et d'un prix d'émission d'actions nouvelles minimum. / The preferential subscription right is an individual right of shareholders which the regime of exercise has been highlighted by recent events. This right has been mentioned regarding preference shares, majority abuse and special advantages. This right is expressly dedicated by the law. The comparison of preferential subscription right in the Lebanese and French legal systems points out the historical relation between the two systems, as well as presence of faults in the first. Reform projects are suggested in order to put the Lebanese companies at the same level with her competing companies. The preferential subscription right is not recognized as an intangible right. Our thesis reveals, firstly, that this right constitutes a perfect protection for the shareholders. Secondly, it indicates that the suppression of the preferential subscription right can only occur under the double condition of sufficient information of the shareholders and an issue price of new shares.

Submitted by Valter Unterberger Filho (valteruf@googlemail.com) on 2012-09-11T10:47:04Z No. of bitstreams: 1 DissertacaoValter.pdf: 817395 bytes, checksum: 02c005c4e86c0597f7184105b18ea0e0 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2012-09-11T14:02:06Z (GMT) No. of bitstreams: 1 DissertacaoValter.pdf: 817395 bytes, checksum: 02c005c4e86c0597f7184105b18ea0e0 (MD5) / Made available in DSpace on 2012-09-11T14:46:24Z (GMT). No. of bitstreams: 1 DissertacaoValter.pdf: 817395 bytes, checksum: 02c005c4e86c0597f7184105b18ea0e0 (MD5) Previous issue date: 2012-08-14 / The corporate debt market in emerging economies has shown strong growth in recent years. Excess of liquidity after the global financial crisis, the banks’ need for deleveraging and the crisis in developed countries are some of the reasons that contributed to the increased importance of this source of funding by the companies. The objective of this study is to verify the new issue premium on EM corporate bonds, their causes, and its performance before and after the 2008 financial crisis. To achieve these objectives, an empirical study was conducted using the new issues since 2000 for Mexico, Brazil, Russia and South Korea. It was verified that, for issuances with similar characteristics, high grade bonds pay smaller premium than high yielders. The new issue’s size and tenor have positive correlation with the premium, while variables related to asymmetric information between investors and companies point to the same direction, although the coefficients are not statistically significant. Furthermore, it is shown that the new issue premium disappears after about 5 trading days, after that period the bonds do not outperform the CEMBI, an EM corporate bond index. In the end, it is presented a comparison of the new issue premium for two different periods: pre and post 2008 financial crisis. No significant premium reduction is found, but an increase in the size and tenor of issuances, indicating that a possible reduction of asymmetric information between companies and investors in recent years. / O mercado de dívida corporativa dos países emergentes tem apresentado forte crescimento nos últimos anos. Excesso de liquidez pós-crise mundial, necessidade de desalavancagem dos bancos e crise nos países desenvolvidos são alguns dos motivos que contribuíram para o aumento da importância dessa fonte de financiamento das empresas. O objetivo deste trabalho é verificar a existência de prêmio de emissão em títulos de dívida corporativa denominada em dólares, suas principais causas, e o seu desempenho antes e depois da crise financeira de 2008. Para tal, foi feito um estudo empírico das emissões realizadas desde o ano 2000 para México, Brasil, Rússia e Coreia do Sul. Verifica-se que, para emissões com características semelhantes, as de grau especulativo pagam prêmio superior às de grau de investimento. Características como o tamanho e prazo têm relação positiva com o prêmio de emissão, enquanto que variáveis relacionadas à assimetria de informação entre investidores e empresas apontam para redução do mesmo, embora não de forma significativa. Mostra-se ainda que o prêmio de emissão desaparece após aproximadamente 5 dias úteis de negociação, período a partir do qual os bonds não têm desempenho superior a um índice de mercado. Por fim, faz-se uma comparação do prêmio de emissão nos períodos pré e pós-crise mundial, onde não se verifica redução significativa de prêmio de emissão, e sim um aumento no tamanho e prazo das emissões, indicando uma possível redução de assimetria de informação entre empresas e investidores nos últimos anos.